An earned distinction for us. A fast track for you!
We've earned the privileged title of "SBA Preferred Lender" because of our experience in commercial lending. According to the Small Business Administration (SBA), only "the most active and expert lenders qualify for the SBA's streamlined lending programs. Preferred lenders are chosen from among the SBA's best lenders." At Minnwest Bank, we are honored with this lending distinction!
But what does it mean for you?
As an SBA Preferred Lender, Minnwest is authorized by the SBA to make lending decisions on their behalf. Loan approvals do not need to go to the SBA for consideration or approval. And, closing and most servicing are handled by Preferred Lenders as well. In other words, Minnwest can streamline the entire SBA loan process for you. That means faster approval times. That important financing will be in your hands sooner so you can act quickly on business opportunities.
Why should I consider an SBA loan?
While the lender provides the actual loan to the borrower, the SBA guarantees a portion of the loan (between 50-90% depending on the program and economic stimulus legislation), acting much like a co-signer. This helps lenders be more comfortable with a loan that they might otherwise not approve, such as a loan for a start-up, or a borrower that has a smaller down payment or less collateral than a bank requires.
Other reasons why an SBA guaranteed loan should be considered:
Why should I go to Minnwest for an SBA loan?
The SBA process does have more requirements and paperwork than a standard bank loan. With our SBA Preferred Lender status, Minnwest enjoys full delegation of lending authority. The lending process is streamlined for you.
Before you ask about an SBA loan,
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